Core Points - CITIC Securities (601066) has announced the issuance of perpetual subordinated bonds not exceeding RMB 20 billion [1] - The Shanghai Stock Exchange has approved the issuance, and it has been registered with the China Securities Regulatory Commission under license number 〔2025〕1336 [1] - The bonds will be issued in tranches, with the first tranche amounting to no more than RMB 3 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2025年 面 向 專 業 投 資 者 公 開 發 行 永 續 次 級 債 券（第 六 期）募 集 說 明 書》 《中 信 建 投 証 券 股 份 有 限 公 司2025年面向專業投資者公開發行永續次級 債 券（第 六 期）發 行 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2025年面向專業投 資 者 公 開 發 行 永 續 次 級 債 券（第 六 期）信 用 ...

Core Viewpoint - BeiGene's Q3 2025 performance exceeded expectations with product revenue of $1.395 billion (up 7% quarter-over-quarter) and a GAAP net profit of $125 million, marking a year-on-year turnaround [1] Group 1: Financial Performance - Product revenue reached $1.395 billion, reflecting a 7% increase compared to the previous quarter [1] - GAAP net profit was $125 million, indicating a year-on-year turnaround from losses [1] Group 2: Future Guidance and Clinical Developments - The company raised its full-year guidance while actively advancing its next-generation self-developed pipeline products globally [1] - In H2 2025, BeiGene plans to submit an accelerated approval application for the Phase II data of Sotigalimab targeting R/R MCL in the US and EU [1] - In H1 2026, the company will initiate a Phase III clinical trial for CDK4 targeting HR+/HER2- BC [1] - Additional clinical pipeline POC data readouts are anticipated [1] Group 3: Market Opportunities - The overseas expansion of BTK has exceeded expectations, contributing to revenue growth [1] - The commercialization of PD-1 in the EU, Japan, and other countries is expected to further enhance revenue [1] - Continued realization of significant pipeline products such as BCL-2, BTK CDAC, and CDK4 is anticipated to drive further commercialization [1]

Core Viewpoint - BeiGene's Q3 2025 performance exceeded expectations, with product revenue reaching $1.395 billion, a 7% quarter-over-quarter increase, and a GAAP net profit of $125 million, marking a year-on-year turnaround [1] Group 1: Financial Performance - Product revenue for Q3 2025 was $1.395 billion, reflecting a 7% increase compared to the previous quarter [1] - The company achieved a GAAP net profit of $125 million, indicating a year-on-year turnaround [1] - The annual guidance has been raised due to strong performance [1] Group 2: Clinical Development Pipeline - The company is advancing its next-generation self-developed pipeline with a focus on global clinical layouts and progress [1] - In H2 2025, BeiGene plans to submit an accelerated approval application for the Phase II data of Sotigalimab targeting R/R MCL in the US and EU [1] - In H1 2026, the company will initiate a Phase III clinical trial for CDK4 targeting HR+/HER2- BC [1] - Additional clinical pipeline POC data readouts are anticipated [1] Group 3: Market Opportunities - The overseas volume of BTK has exceeded expectations, contributing to growth [1] - The PD-1 product is experiencing volume growth in the EU, Japan, and other countries [1] - Continued commercialization of key pipelines such as BCL-2, BTK CDAC, and CDK4 is expected to drive further revenue realization [1] - The company maintains a "Buy" rating based on these developments [1]

Core Viewpoint - The current market has weak expectations for automotive stimulus policies and total production and sales for next year, leading to a diminished cyclical attribute of the automotive sector. The core focus is on technological attributes and emerging growth directions [1][2]. Automotive Sector - The automotive sector is experiencing a revaluation of its technological attributes, with a focus on structural growth. The strong performance of stocks like XPeng Motors and Weichai Power is noted, driven by XPeng's recent technology day showcasing advancements such as the second-generation VLA model, Robotaxi, and humanoid robot Iron, which have boosted market expectations [1][2]. - The automotive and robotics sectors are positioned as core applications of physical AI, with potential to catalyze a turning point in industry trends as technologies from Tesla, such as FSD V14 and Optimus, are set to be launched and mass-produced in 2026 [1][2]. Robotics Sector - The robotics sector has seen a continuous pullback since the fourth quarter, with some quality stocks entering a bottoming configuration. The industry is on the verge of significant advancements, and the current pullback is attributed to previous substantial gains and a temporary lack of catalysts [3]. - Market focus is on the upcoming Q1 2024 release of Tesla's third-generation Optimus prototype and the progress of the supply chain's fixed-point contracting [3]. Passenger Vehicle Sector - The passenger vehicle sector shows stable weekly insurance sales, with new models like XPeng's extended-range platform and the Xingtu ET5 demonstrating strong cost-performance ratios. However, market reactions are muted due to expectations of weaker total sales next year, with structural growth remaining in high-end and overseas markets [4]. - The lithium battery and materials segments are benefiting from a surge in demand for energy storage, leading to price increases in sectors like 6F, reinforcing a logic of rising volume and price [4]. Commercial Vehicle Sector - The commercial vehicle sector is performing well as a high-quality, undervalued asset, with expectations for steady growth in overseas markets, particularly in buses and motorcycles, which show higher growth elasticity [5]. - The heavy-duty engine supply chain is benefiting from the ramp-up of AIDC, with leading companies like Weichai Power expected to see a revaluation of their stock [5].

Core Points - The Beijing Stock Exchange (BSE) celebrated its fourth anniversary on November 15, with a total of 282 listed companies as of now, having raised a net amount of 51.05 billion yuan through initial public offerings (IPOs) [1] Group 1: Listing Statistics - In 2021, 79 companies were listed, followed by 83 in 2022, 77 in 2023, 23 in 2024, and 20 so far in 2025 [1] - The statistics exclude companies that have transferred to other exchanges, such as Guandian Defense, Taixiang Co., and Hanbo High-tech [1] Group 2: Underwriting Institutions Performance - A total of 60 underwriting institutions provided IPO sponsorship services for the 282 listed companies, resulting in 284 business transactions [2][6] - The top three underwriting institutions by the number of deals are: 1. CITIC Securities with 27 deals 2. Shenwan Hongyuan with 23 deals 3. Dongwu Securities with 16 deals [2] Group 3: Legal Services Performance - 79 law firms provided legal services for the IPOs of the 282 listed companies [6] - The top three law firms by the number of deals are: 1. Shanghai Jintiancheng with 40 deals 2. Beijing Zhonglun with 20 deals 3. Beijing Deheng and Beijing Kangda, each with 16 deals [6][7] Group 4: Accounting Firms Performance - 32 accounting firms provided auditing services for the IPOs of the 282 listed companies [12] - The top three accounting firms by the number of deals are: 1. Tianjian with 43 deals 2. Lixin with 35 deals 3. Rongcheng with 31 deals [12][13]

Core Viewpoint - The stock of Suotong Development has experienced a decline of 5.03%, with a current price of 27.02 CNY per share and a total market capitalization of 13.459 billion CNY [1] Company Overview - Suotong Development Co., Ltd. is located in the Hengyuan Economic Development Zone, Linyi County, Shandong Province, and was established on August 27, 2003, with its listing date on July 18, 2017 [1] - The company's main business involves the research, production, and sales of prebaked anodes, with revenue composition as follows: prebaked anodes 90.75%, others 4.57%, negative materials 3.68%, and capacitors 0.99% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under CITIC Jiantou has a significant holding in Suotong Development. CITIC Jiantou Rui Li A (003308) increased its holdings by 3,100 shares in the third quarter, holding a total of 10,600 shares, which accounts for 0.49% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 15,200 CNY [2] Fund Performance - CITIC Jiantou Rui Li A (003308) was established on December 7, 2016, with a latest scale of 13.6926 million CNY. Year-to-date returns are 44.27%, ranking 1340 out of 8213 in its category; the one-year return is 44.14%, ranking 978 out of 8130; and since inception, the return is 86.35% [2] Fund Managers - The fund managers of CITIC Jiantou Rui Li A are Ai Chong and Yang Zhiwu. Ai Chong has a cumulative tenure of 8 years and 25 days, with the best fund return during his tenure being 91.93% and the worst being -23.39% [3] - Yang Zhiwu has a cumulative tenure of 2 years and 350 days, with the best fund return during his tenure being 46.39% and the worst being 7.28% [3]

智通财经APP获悉，中信建投发布研报称，短期来看，随着政策缓和、集采出清、新产品新业务拓展和 出海布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机 接口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整 合，板块的创新性和国际化能力逐步得到认可、估值正在被重估。 低值耗材：展望2026年，预计国内业务将保持平稳增长;随着企业海外产能陆续投产及中美关税形势缓 和，海外产能释放贡献业绩增量。 家用医疗器械：2026年行业有望延续平稳增长趋势，国内家用医疗器械龙头有望通过自建团队、投资并 购等方式持续加快国际化步伐。 风险提示：招采及控费政策严于预期、行业竞争激烈程度强于预期、器械审批进度不及预期，外部环境 变化难以判断。 中信建投主要观点如下： 医疗设备及上游：今年招标大幅改善，2026年的招标景气度需根据政策来判断，各公司情况有所分化， 部分龙头公司有望收入稳定增长或提速改善。医疗设备上游部分公司在新业务、新订单、新客户的驱动 下，有望加速增长。 高值耗材：受集采政策落地执行时间差异等因素的影响，板块内部公司的业绩拐点出现时间节点先后有 ...

Core Insights - The core logic for the increased allocation value in the brokerage sector is supported by three main aspects: policy, funding, and self-transformation [1] Policy Support - The policy direction emphasizes "activating the capital market," with ongoing measures such as deepening the registration system, optimizing trading mechanisms, and introducing long-term funds, which directly expand the business space for brokerage firms in investment banking, brokerage, and asset management [1] Funding Environment - Market confidence recovery has led to increased trading activity and a rebound in margin financing, alongside the anticipated influx of incremental funds from pensions and insurance, providing a flexible foundation for brokerage performance [1] Self-Transformation - The industry is focusing on developing high-value-added businesses, particularly in wealth management and institutional services, optimizing revenue structure and enhancing profit stability [1] Profitability Outlook - The combination of policy expectations, improved funding conditions, and internal growth dynamics enhances the certainty of profitability prospects for the brokerage sector, making it currently attractive for allocation [1] Securities ETF - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies closely related to the securities market to reflect the overall performance of the securities industry [1]

Group 1: Core Insights - The food and beverage sector is experiencing a long-term correction, with low domestic demand and significantly reduced valuations, creating a clear bottom logic for quality assets like liquor [1][2] - The report highlights four key sectors: liquor, snacks and health products, dairy, and restaurant chains, with a focus on potential recovery in demand and investment opportunities [1] Group 2: Liquor Sector - The liquor market is facing weak demand, with consumer confidence remaining low and a negative year-on-year CPI for liquor products, leading to price declines in mainstream products [2] - High-end and mid-high-end liquor are performing relatively well, while the industry is entering a competitive era with significant internal differentiation among listed companies [2] - Companies are focusing on market order control, product iteration, and consumer engagement to improve market share, although profit margin growth is slowing [1][2] Group 3: Restaurant Chains - The overall restaurant market remains weak, but companies are showing signs of improvement due to strategic adjustments over the past two years [3] - The shift from price competition to quality-price ratio competition is expected to optimize the competitive environment [3] - Companies are embracing new retail channels and enhancing supply chain efficiency, with international expansion becoming a key growth direction [3] Group 4: Snacks - The trend towards healthier and low-calorie snacks is driving sales, particularly in the konjac product category, with brands like Salted Fish and Yanjin achieving strong sales [4] - The transformation of bulk snack retail formats and the growth of discount stores are contributing to market opportunities [4] - The sector is expected to benefit from channel growth and new product launches in 2026, with recommendations for specific brands [4] Group 5: Beverages - The beverage sector is witnessing a trend towards health and functionality, with high demand in specific subcategories [5][6] - Companies like Dongpeng Beverage are expanding nationally, with strong growth prospects and new product lines [6] Group 6: Health Products - The health product sector is being driven by new consumer trends, with brands that embrace new consumption patterns expected to benefit significantly [7] - Companies like Xianle Health are well-positioned to capitalize on high-demand channels and new product categories [7] Group 7: Dairy Products - The dairy market is expected to enter an upward price cycle, with raw milk prices stabilizing and deep processing capacity increasing [8] - Major dairy companies are improving their market share and profitability through strategic initiatives and government support [8] Group 8: Beer - The beer industry is facing rising raw material costs, which may lead to adjustments in product pricing and promotional strategies [9] - Companies like Yanjing Beer and Qingdao Beer are highlighted for their growth potential and strong dividend attributes [9]